REG - Inland Homes PLC - Launch of Direct Subscription

Inland HomesAnnouncement

12/04/2023 16:45

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RNS Number : 0214W  Inland Homes PLC  12 April 2023

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS
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IMPORTANT NOTICES AT THE END OF THIS ANNOUNCEMENT

 

Inland Homes plc ("Inland Homes" or the "Company")

 

Launch of Direct Subscription for up to £2.5 million

 

Inland Homes plc (AIM: INL), the leading brownfield developer, housebuilder
and partnership housing company with a focus on the South and South East of
England, announces that, following completion of the direct subscription
announced on 29 March 2023 raising £2.5 million, it has received additional
inbound indications of support for a second subscription. Accordingly, it has
today launched a second direct subscription offer (the "Subscription") for up
to £2.5 million by the issue of up to 25,000,000 new Ordinary Shares
("Subscription Shares") at a price per Subscription Share of 10 pence (the
"Subscription Price"), being the nominal value of the Company's ordinary
shares ("Ordinary Shares") and the same price as for the subscription recently
completed. The net proceeds of the Subscription will also be used to fund
working capital requirements within the Company.

 

The Subscription

 

The Subscription is now open for applications until 4:00pm (UK time) on 13
April 2023, following which a further announcement will be made. Orders can be
made by contacting Panmure Gordon (details below), who will liaise with the
Company as required. Any acceptance by the Company of indicative orders will
be subject to completion of a subscription agreement. The Company has complete
discretion on whether to accept offers under the Subscription. Completion of
the Subscription is not conditional on admission of the Subscription Shares to
trading on AIM.

 

Trading in the Ordinary Shares was suspended on 3 April 2023 due to the
Company not publishing its annual accounts in accordance with AIM Rule 19.
The Subscription Price represents a premium of 17.6 per cent. to the closing
price of the Ordinary Shares on 31 March 2023 of 8.5 pence per share.

 

The Subscription Shares, when issued and fully paid, will rank pari passu in
all respects with each other and with the Company's existing Ordinary Shares.
Application has been made to the London Stock Exchange for the Subscription
Shares to be admitted to AIM. Such application will be considered by the
London Stock Exchange in due course around the time of any restoration of the
Company's shares to trading on AIM. The Subscription Shares will be issued
under the authorities granted to the Company at its Annual General Meeting
held on 31 March 2023.

 

This announcement contains inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 which forms part of UK law by virtue of the
European Union (Withdrawal) Act 2018 ("MAR").

 

The person responsible for arranging the release of this announcement on
behalf of the Company is Nishith Malde, Finance Director of the Company.

 

For further information, please contact:

Inland Homes plc Tel: 44 (0)1494 762450

Nishith Malde, Chief Financial Officer

 

Panmure Gordon (UK) Limited (NOMAD and broker to the Group) Tel: 44 (0)20 7886
2500

Dominic Morley / James Sinclair-Ford (Corporate Advisory)

 

 

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